Fine - but against what? The key is to find a cross that lets you trade the risk premium without interference from other factors. In that regard, Nordvig says, euro-dollar "appears to have gotten less responsive to systemic tension in the eurozone."

The Swiss franc still trades on eurozone tensions, Nordvig says, but in the short run, he prefers selling the euro against the Swedish krona.

Investors have been exiting that trade, Nordvig told me, and "position unwinding has led to indiscriminate selling" of the Swedish currency. He thinks investors will settle down now that a deal is close, and "With some degree of stability, the cross should revert to fundamentals, which point to a move below 9, potentially well below."